Tesla expected to maintain electric vehicle manufacturer leader spot: Moody's
- Moody's further forecasted that Tesla's financial policy will likely remain prudent and its liquidity will remain very good.
Ratings agency Moody's on Monday upgraded Tesla Inc's debt rating by two notches to ‘Ba1’ from ‘Ba3’, reflecting its expectations that the EV maker will maintain its position as the leading battery electric vehicle manufacturer. The agency stated in a note that Tesla's outlook remains positive both in terms of profit an scalability.
Moody's further forecasted that Tesla's financial policy will likely remain prudent and its liquidity will remain “very good", adding that a more competitive offering of battery electric vehicles by other automakers could potentially exert some pressure on the company's margins next year.
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The EV maker reported a record quarterly deliveries in January that far exceeded the Wall Street estimates despite the ongoing global chip shortages thanks to ramping up of production in China. For the sixth consecutive quarter, Tesla became the world's most valuable automaker, posting record deliveries.
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The EV maker produced more than 305,000 vehicles in the fourth quarter of last year and delivered over 308,000 vehicles. The ratings agency also predicted that Tesla will deliver nearly 1.4 million vehicles through this year, up from about 936,000 last year.
Tesla is the largest electric vehicle manufacturer in the world. The electric carmaker leads the global EV industry with lion's share. The other major car brands too are trying to come up with their offering in the space. These include Ford and General Motors that have been focusing on introducing electric pickup trucks.
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However, Tesla is yet to launch its products in India. Though it entered the country a year ago by registering its Indian arm as Tesla India Motors and Energy Pvt Ltd with RoC Bangalore, the company is “still working through a lot of challenges with the government". CEO Elon Musk had previously pointed to high import duty on vehicles brought from overseas markets as an obstacle, even asking the government to lower taxes imposed on such units.
(with inputs from Reuters)
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